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Currency Withdrawal

SOLVED
Contributor

Currency Withdrawal

Hi, I have some USD in my PayPal (Europe) account. I've previouly transferred EUR to a Portuguese account, but now wish to transfer the USD to a UK-based USD account, unfortunately it keeps forcing me to convert to EUR prior to transferring. Is there a way to deactivate this?

1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted
Esteemed Advisor

Re: Currency Withdrawal

@LastExile22 

 

No. PayPal will always convert to local currency on the withdraw. It will cause double currency conversion with a foreign currency local bank account so there is no point in trying it. The only way is if you linked a US bank account opened on US soil.

 

If you want to receive USD and spend it, keep it in PayPal USD currency balance and select USD currency during checkout to use the USD funds from your PayPal account.


Kudos & Solved are greatly appreciated. 🙂

View solution in original post

4 REPLIES 4
Highlighted
Esteemed Advisor

Re: Currency Withdrawal

@LastExile22 

 

No. PayPal will always convert to local currency on the withdraw. It will cause double currency conversion with a foreign currency local bank account so there is no point in trying it. The only way is if you linked a US bank account opened on US soil.

 

If you want to receive USD and spend it, keep it in PayPal USD currency balance and select USD currency during checkout to use the USD funds from your PayPal account.


Kudos & Solved are greatly appreciated. 🙂

View solution in original post

Highlighted
Contributor

Re: Currency Withdrawal

I actually have a US bank account although I'm not a US citizen. However, I can't find the option to add it since European bank accounts are IBAN and that's the format preset in the add bank account form on the PayPal website. I'm guessing this is intentional and I can't send USD to my US bank account with a European PayPal account?
Highlighted
New Community Member

Re: Currency Withdrawal

Regarding the US bank account, have you tried adding the card instead of the bank account (if you have one, that is)?

Highlighted
Contributor

Re: Currency Withdrawal

Well that is good to know and perhaps there are legal reasons, but it feels like a scam to force us to use their exchange rates.

After all if I can use my GBP to buy something in GBP, why can't I withdraw it to my GBP UK based bank account? (I live in the EU, so my local currency is EUR).